BATT#8: What is a Prepaid Expense?

Hey all!  Time for a new week of BATTs.  Today we’re going to learn what a prepaid expense is and how we deal with them. A prepaid expense is anything where you have paid in advance of receiving a good or service.  A common example is an insurance premium.  If you pay annually, you pay at the beginning of the …

BATT#6: Personal Benefits on Company Cars

Company cars are an interesting concept.  For a long time they were very in vogue for executive and business owners.  There is a real feeling that having a company car is a great benefit and a great way of saving on tax by getting to put your vehicle through the company.  This includes everything from gas bills to maintenance. There …

BATT#5: Corporate Deductions for Cars

I started this post initially based on the concept of continuing on our discussion on cars and how they’re treated for Canadian tax purposes.  I quickly realized, however, that there was so much meat on this topic that I really can’t do the rest of it justice in these tips of the day.  So I’m going a bit more limited …

BATT#4: Cars and Corps!

Alright!  Last time we talked about owning your own car and running a sole proprietorship.  Today we’ll focus on corporations whose owners or employees are tasked with using their personal vehicles for work. Many business owners are tempted to buy corporate vehicles for themselves and/or employees.  Sometimes this makes a lot of sense – especially when you need a specialty …

BATT#3: Dealing with vehicle expenses (Part 1)

Ok, let’s tackle vehicle expenses.  In practice, we constantly see misconceptions, vehicles be handled incorrectly, missing deductions and so much more.  The problem?  This is a pretty robust area of tax, as CRA understands that vehicles are needed for business, but there can be a personal component as well.  This becomes complicated.  And it changes depending on whether a vehicle …

BATT #2- Bookkeeping, Accounting and Tax Tip of the Day!

Today let’s talk golf!  And of course I mean the game – not the VW.  We’ll talk cars and mileage in another episode of BATT. Golf, under Canadian tax law, is not your friend.  While the old adage may be true that business is done on the golf course, it’s not tax deductible business.  Most things related to going golfing …

More Stuff for BooksPlus!

Hey all! We’re super excited to announce for our client and prospective clients that we’re now integrating Hubdoc into our BooksPlus packages.  By using Hubdoc we’re going to decrease (even more!) the amount of paper and scanning our clients are going to have to do in their business and to work with us. Fitting with our vision, we’re continuing to …